11th september 2001 interim results presentation

11th September 200111th September 2001

Interim Results PresentationInterim Results Presentation

6 months to 6 months to year to24 June 24 June 25 Dec

2001 2000 2000

Profit and Loss Account

Profit before tax £4.8m £10.4m £14.2m

Tax £0.3m £0.4m £0.4m

Revenue earnings per share 5.3p 6.1p 9.5p

Dividends per share 2.5p 2.25p 5.5p

Income cover - recurring 1.5 1.5 1.5

2001 Interim Results

6 months to 6 months to 6 months to24 June 25 Dec 24 June

2001 2000 2000

Revenue profit £5.2m £3.5m £5.8m

UITF 28 effect (£0.8m) £0.4m £0.4m

Revenue profit - restated £4.4m £3.9m £6.2m

Profit on sale of investmentproperties and investments £0.4m (£0.1m) £4.2m

Profit before tax £4.8m £3.8m £10.4m



As at As at As at24 June 25 Dec 24 June

2001 2000 2000Balance Sheet

Fully diluted shareholders funds * £330.2m £364.8m £418.1m

Fully diluted NAV per share 362p 361p 378p

NN NAV per share** 330p 324p 334p

Gearing - CULS converted 137% 159% 133%

* After share-buy backs

**Net Asset Value per share after contingent deferred tax and adjustment of

debt to market value

NAV Analysis

£million pence per share (diluted)

25 December 2000 365 361

Revaluation (15) (16)

Share purchases (23) 14

Retained profit 3 3

24 June 2001 330 362

Operating Review

Shopping Centres*Shopping Centres*

June 2001 Dec 2000 June 2000 6 months

Net income £37.0m £36.0m £32.4m 2.8%

ERV £43.8m £43.2m £42.1m 1.4%

Valuation £469.3m £478.9m £480.5m -

Capex £4m

Income return 3.5% **

Capital return -2.8%

Total return 0.7%

Av equiv yield 8.03% 7.7%

Initial yield 7.25% 6.8%

* 8 core centres

** First 6 months

Operating Review

Shopping Centres *Shopping Centres *

Deal rate 119 transactions(176 in 2000)

Void level 3% (from 3.8%)

Ancillary income +34% to 5.6% net rental level

Footfall +7.4%(net Pallasades/Liberty 2)

* 8 core centres

Shopping Centres

Portfolio Highlights - 6 monthsPortfolio Highlights - 6 months

Shopping City, Wood Green Refurbishment completeAll Sports, Blue Inc, WoolworthsFootfall up 17% (4.75m)

The Ashley Centre, Epsom Re-modelling centreNew retailers / extensionsFootfall up 17% (3.3m)

Trinity Centre, Aberdeen Fully letFootfall up 9%

Alhambra Centre, Barnsley Primark / TK MaxxPerfume Shop, Bodycare, AdamsCatering offerFootfall up 10.4% (4m)

Shopping Centres


The Pallasades, Birmingham Railtrack negotiationsAmerican Express,Mobile Styles, Bodycare

Liberty 2, Romford The Post Office / JuniorDolphin site planning

The Howgate Centre, Falkirk Quiz / Clinton Cards

Selborne Walk, Walthamstow First Sport / Millets

Retail ParksExisting Portfolio:

Additional UnderExisting Proposed Floorspace Construction

sq ft sq ft sq ft sq ft

Hull 180,000 355,000 175,000 75,000

Beckton 140,000 190,000 50,000 50,000

Aylesbury 95,000 200,000 105,000

Renfrew 210,000 250,000 40,000

Stratford 155,000 230,000 75,000

Swansea 80,000 160,000 80,000

Wembley 230,000 230,000 -

Smaller parks 330,000 330,000 -

Total 1,420,000 1,945,000 525,000 125,000

Retail Parks

New Developments:New Developments:

Existing sq ft Proposed sq ft

Glasgow (Auchinlea) 95,000 600,000

Oldbury Phase I 0 120,000 Phase II 0 130,000

Total 95,000 850,000

Operating Review

• Initial yield 4.5% rising to 6.4% in Dec 2002

• Equivalent yield 7.1%

• Av. retail passing rent £10.89 psf

• ERV £13.15 psf

• Valuation £226.4m

• Capex £5.9m (6 months)

Retail ParksRetail Parks

Retail Parks

Portfolio Highlights - 6 months Portfolio Highlights - 6 months

Aylesbury Planning submitted50% pre-letBig Box anchor

Beckton Detailed planning obtainedUnit let at £20 per sq ft

Hull B&Q unit completeCommence refurbishmentUnit let at £20 per sq ftNext phase 100,000 sq ft

Stratford Larger Matalan storePlanning submittedBig Box pre-let

Auchinlea/Junction 10 Financing progress

Oldbury Financing progress

Xscape


Milton Keynes Successful trading - 4m visitors

Snozone break-even

Castleford Planning obtained

27% pre-let

41% in solicitors’ hands

Braehead Planning submitted

Castrop-Rauxel Planning on-going

Outlook

• Retail and leisure focus– shopping centres– retail parks– Xscape

• Capital strategy– joint ownership– reduced gearing– share buy-backs

• Management– leverage skills

Retail Parks

£m Status Funding

Existing Portfolio 23 Committed including Existing facilitiesunder construction

44 Proposed subject to Increased facilitiesfurther lettings

and planning

67

New Developments 95 Proposed subject to Development partnershipfurther lettings

52 Proposed subject to Development partnershiplettings and planning

147

Total 214

Capital Expenditure ProgrammeCapital Expenditure Programme

11th september 2001 interim results presentation

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